BENIN CITY, MAY 22, 2025 — Governor Monday Okpebholo of Edo State has raised alarm over the severe economic impact of cultism and related violence, revealing that the state loses over $1 billion in potential investments annually due to insecurity.
Speaking in Benin City on Wednesday, the governor decried the spate of cult-related killings and disruptions, warning that the violence is deterring investors, hampering tourism, and damaging the state’s economy.
“Cultism has not only led to tragic loss of lives and property, but it has also discouraged much-needed investments and tourism, thereby slowing down economic growth,” Governor Okpebholo stated.
Citing data from the Diaspora Commission, he noted that while Edo tops the list of states receiving the highest remittances from the diaspora, “95% of the repatriated funds end up in other states due to security fears. Our people are afraid to come home to invest.”
He said cult-related violence over the past five years has resulted in a loss of disposable income, business closures, and a decline in tourism — all of which have undermined the state’s business environment.
According to a statement by his spokesman, Fred Itua, the governor emphasized that critical infrastructure and commercial hubs have also suffered, with some enterprises forced to suspend or cease operations altogether.
Governor Okpebholo, however, expressed optimism, noting that the state’s ongoing crackdown on cultism is showing results. “We have declared total war on cult-related activities and are seeing more stakeholders step up to support this cause,” he said.
“Edo State has immense economic potential. We will not allow violence and cultism to define our future. The government is restoring peace, attracting investments, and repositioning our economy for sustainable growth.”
He called on Edo indigenes, both at home and abroad, to support the state’s development by investing locally and working with the government to eradicate cultism and insecurity.
